HNNA

MKT CAP:$78M

Hennessy Advisors, Inc.

Market Cap

$78M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$9.94+$0.30 (+3.11%)

Apr 21, 2026

Company Details

Hennessy Advisors, Inc. is publicly owned investment manager. It provides its services to Hennessy Funds and investment companies. The firm launches and manages equity, fixed income, and balanced mutual funds. It invests in the public equit...

CEO

Neil Joseph Hennessy

IPO Date

Mar 9, 2005

Website

www.hennessyadvisors.com

Key Metrics TTM

Revenue

$34M

+2.8% YoY

Net Income

$9M

EPS (Diluted)

$1.15

Free Cash Flow

$12M

Revenue / Share

$4.29

Gross Margin

73.8%

Operating Margin

34.9%

Net Margin

26.5%

FCF Margin

34.7%

P/S

2.3x

P/E

8.7x

Earnings Reports

Q2 2026

May 5, 2026

PENDING

Q1 2026

Feb 5, 2026

$8M-14.3%EPS $0.24

FY 2025

Dec 3, 2025

$36M+19.9%EPS $1.27

Q4 2025

Dec 3, 2025

$9M-3.2%EPS $0.31

Q3 2025

Aug 6, 2025

$8M+3.5%EPS $0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$8M	$6M	$3M
Q3 22	$7M	$4M	$2M
Q4 22	$6M	$5M	$2M
Q1 23	$6M	$4M	$2M
Q2 23	$6M	$3M	$2M
Q3 23	$6M	$3M	$1M
Q4 23	$6M	$3M	$2M
Q1 24	$6M	$3M	$1M
Q2 24	$7M	$3M	$2M
Q3 24	$8M	$4M	$3M
Q4 24	$9M	$5M	$3M
Q1 25	$10M	$6M	$4M
Q2 25	$9M	$7M	$3M
Q3 25	$8M	$6M	$3M
Q4 25	$9M	$7M	$3M
Q1 26	$8M	$6M	$3M

Valuation

Quarter	P/S	P/E
Q2 22	2.4x	10.1x
Q3 22	2.5x	11.5x
Q4 22	2.6x	12.7x
Q1 23	2.9x	14.5x
Q2 23	3.1x	15.7x
Q3 23	3.2x	16.3x
Q4 23	3.3x	16.4x
Q1 24	3.3x	16.2x
Q2 24	3.1x	15.1x
Q3 24	2.9x	12.8x
Q4 24	2.6x	11.1x
Q1 25	2.4x	9.0x
Q2 25	2.2x	8.0x
Q3 25	2.2x	8.0x
Q4 25	2.2x	7.9x
Q1 26	2.3x	8.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$2M	$2M
Q3 22	$3M	$3M
Q4 22	$2M	$2M
Q1 23	-$32.0K	-$96.0K
Q2 23	$2M	$2M
Q3 23	$3M	$3M
Q4 23	$2M	$2M
Q1 24	$416.0K	$370.0K
Q2 24	$2M	$2M
Q3 24	$4M	$3M
Q4 24	$3M	$3M
Q1 25	$2M	$2M
Q2 25	$4M	$4M
Q3 25	$4M	$4M
Q4 25	$4M	$4M
Q1 26	$661.0K	$601.0K

Capital Expenditures

Quarter	CapEx
Q2 22	$43.0K
Q3 22	$56.0K
Q4 22	$60.0K
Q1 23	$64.0K
Q2 23	$49.0K
Q3 23	$50.0K
Q4 23	$52.0K
Q1 24	$46.0K
Q2 24	$70.0K
Q3 24	$97.0K
Q4 24	$100.0K
Q1 25	$117.0K
Q2 25	$81.0K
Q3 25	$67.0K
Q4 25	$175.0K
Q1 26	$60.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-2.4%	-5.6%
Q3 22	-19.0%	-16.6%
Q4 22	-23.9%	-21.4%
Q1 23	-28.0%	-21.0%
Q2 23	-23.6%	-14.7%
Q3 23	-17.5%	-5.7%
Q4 23	-3.4%	+1.6%
Q1 24	-0.0%	+3.9%
Q2 24	+17.3%	+16.1%
Q3 24	+36.5%	+20.4%
Q4 24	+40.3%	+29.7%
Q1 25	+58.0%	+24.6%
Q2 25	+33.7%	+16.0%
Q3 25	+3.5%	+0.1%
Q4 25	-3.2%	-6.1%
Q1 26	-14.3%	-2.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$283.0K	3.7%
Q3 22	$291.0K	4.2%
Q4 22	$277.0K	4.3%
Q1 23	$262.0K	4.3%
Q2 23	$262.0K	4.4%
Q3 23	$243.0K	4.3%
Q4 23	$242.0K	3.9%
Q1 24	$246.0K	4.0%
Q2 24	$246.0K	3.5%
Q3 24	$247.0K	3.2%
Q4 24	$251.0K	2.9%
Q1 25	$299.0K	3.1%
Q2 25	$274.0K	3.0%
Q3 25	$275.0K	3.4%
Q4 25	$0	0.0%
Q1 26	$309.0K	3.7%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$3M	$178.0K
Q3 22	$1M	—
Q4 22	$2M	$86.0K
Q1 23	$3M	$95.0K
Q2 23	$1M	—
Q3 23	$1M	—
Q4 23	$1M	—
Q1 24	$2M	—
Q2 24	$1M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$2M	—
Q2 25	$2M	—
Q3 25	$1M	—
Q4 25	$1M	—
Q1 26	$2M	—

Revenue Segments

Quarter	Investment Advice	Shareholder Service
Q2 22	$7M	$559.0K
Q3 22	$6M	$534.0K
Q4 22	$6M	$510.0K
Q1 23	$6M	$491.0K
Q2 23	$5M	$481.0K
Q3 23	$5M	$465.0K
Q4 23	$6M	$493.0K
Q1 24	$6M	$479.0K
Q2 24	$6M	$504.0K
Q3 24	$7M	$542.0K
Q1 25	$9M	$647.0K
Q2 25	$9M	$603.0K
Q3 25	$8M	$546.0K
Q4 25	$8M	$568.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$56M	$10.0K	$56M
Q3 22	$57M	$10.0K	$57M
Q4 22	$58M	$9.0K	$58M
Q1 23	$57M	$10.0K	$57M
Q2 23	$58M	$10.0K	$58M
Q3 23	$59M	$10.0K	$59M
Q4 23	$60M	$10.0K	$60M
Q1 24	$60M	$11.0K	$60M
Q2 24	$60M	$11.0K	$60M
Q3 24	$62M	$11.0K	$62M
Q4 24	$64M	$11.0K	$64M
Q1 25	$65M	$11.0K	$65M
Q2 25	$68M	$11.0K	$68M
Q3 25	$70M	$11.0K	$70M
Q4 25	$72M	$12.0K	$72M
Q1 26	$72M	$12.0K	$72M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	8M	+0.3%	+2.2%
Q3 22	8M	+0.4%	+2.0%
Q4 22	8M	-0.3%	+1.7%
Q1 23	8M	+0.3%	+0.8%
Q2 23	8M	+0.4%	+0.8%
Q3 23	8M	-0.1%	+0.4%
Q4 23	8M	+0.2%	+0.8%
Q1 24	8M	+0.7%	+1.2%
Q2 24	8M	+0.3%	+1.2%
Q3 24	8M	+0.4%	+1.7%
Q4 24	8M	-0.1%	+1.3%
Q1 25	8M	+1.8%	+2.5%
Q2 25	8M	+0.6%	+2.8%
Q3 25	8M	+0.6%	+3.0%
Q4 25	8M	-0.9%	+2.2%
Q1 26	8M	+1.0%	+1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$387.3K	20
Q3 22	$345.4K	20
Q4 22	$341.0K	19
Q1 23	$323.4K	19
Q2 23	$311.4K	19
Q3 23	$300.1K	19
Q4 23	$368.1K	17
Q1 24	$361.4K	17
Q2 24	$408.2K	17
Q3 24	$457.9K	17
Q4 24	$487.7K	18
Q1 25	$539.3K	18
Q2 25	$515.3K	18
Q3 25	$447.4K	18
Q4 25	$472.2K	18
Q1 26	$462.2K	18

Revenue / Employee